DBS announced its 2017 Q1 result. Operating profit before interest, tax, depreciation and amortisation fell 2% to SGD1.64 billion. Surprisingly net interest income stalled as corresponding period of SGD1.83 billion even though there were two rate hikes in previous two quarters. Non interest income rose 36% to SGD1.41billion due to divestment of subsidiary, excluding divestment non interest income growth was about 6.4%.

My updated fair value revised to SGD21.95 and investors are encourage to continue to hold on to your position going forward. Thank you.